Quincy’s $1.6B transformation in jeopardy

The much-touted $1.6 billion public-private investment that was supposed to be the catalyst to revitalize Quincy Center is facing a deadline.

At a City Council meeting this week, Mayor Thomas P. Koch gave Street-Works Development LLC, the project’s master developer, 30 days to commence the next phase of the stalled redevelopment or else Street-Works would be removed from the project.

An agreement between the New York-based developer and the city says if the company defaults, Quincy can terminate the agreement.

For years, the city has championed the project that was to include a pair of 20-story high-rise office buildings and 3.5 million square feet of new development on a 50-acre parcel in the downtown. The project promised 700,000 square feet of retail, more than 1 million square feet of office space, 1,200 apartments and condominiums, two hotels, a cinema, and classrooms for Quincy College. There were also plans for 30 restaurants and an expanded park in front of City Hall.

Called the biggest historic downtown revitalization project in the U.S., it was funded by investments from Quincy Mutual Fire Insurance and developers Boston-based The Beal Cos. and Street-Works.

But last summer, Twining Properties, a New York City real estate firm, replaced Beal as a partner without any public explanation. In addition, the plan for twin towers was scrapped in favor of a small wood-framed building.

Sources said the project has been troubled since the start and at least one service vendor withdrew and filed suit after months of nonpayment. Suffolk Construction told the Boston Business Journal last year that it was no longer on the project.

Kenneth Narva, Street-Works’ managing partner, could not be reached for comment.